Stocks To Watch On January 29: HDFC Bank, SBI, Adani, PNB Housing Finance, Piramal & Others

Stocks To Watch Today: The GIFT Nifty trends suggest a favourable commencement for the broader Indian index, showing an increase of 85 points or 0.39 percent. Nifty futures are currently hovering around the 21,631.50 level in trading.

During the previous week, the BSE benchmark witnessed a drop of 982.56 points, translating to a 1.37 percent decrease, while the Nifty experienced a decline of 269.8 points, representing a 1.24 percent decrease.

Analysts suggest that the interim budget, the decision on US Federal policy, and quarterly earnings will serve as significant catalysts for stock markets this week. Additionally, some consolidation is anticipated in the market during this period.

Moreover, investors will pay attention to the trading behaviour of foreign investors and global trends for additional signals.

Here’s a slew of stocks that will be in focus on January 29 for various reasons;

• HDFC Bank: The Reserve Bank of India (RBI) has approved the Life Insurance Corporation of India (LIC) to acquire a stake of up to 9.99 percent in HDFC Bank. The RBI has instructed LIC to acquire this significant shareholding in HDFC Bank within one year, specifically by January 24, 2025.
• Adani Enterprises: AdaniConnex (ACX), a collaborative venture of the company, has entered into an agreement with Adani Power for the purchase of a 100 percent equity interest in two subsidiaries wholly owned by Adani Power. The acquisitions involve Aviceda Infra Park for Rs 190 crore and Innovant Buildwell for Rs 350 crore. The completion of both transactions is anticipated by March 31, 2024.
• Piramal Enterprises: The company has finalised a share purchase agreement to divest its entire direct investment, constituting a 20 percent stake in Shriram Investment Holdings (formerly known as Shriram Investment Holdings), to Shriram Ownership Trust (SOT) for Rs 1,440 crore.
• Mahindra Logistics: The logistics solutions provider has unveiled a 1 lakh square foot extension to its current multi-client warehouse in Nashik and revealed plans for a new 3 lakh square foot warehousing facility. This expansion has increased the company’s total warehousing space to 5 lakh square feet in Nashik, Maharashtra.
• State Bank of India: The State Bank of India has erased the record of Religare Finvest, previously labelled as fraud, from the Central Fraud Registry database. The Delhi High Court, in a ruling on December 18 of the previous year, instructed SBI to remove the fraud designation. In March 2023, Religare Finvest, a wholly owned subsidiary of Religare Enterprises, successfully concluded a one-time settlement with 16 lenders through organic collections, contributing over Rs 9,000 crore to the nation’s banking system.Currently, Religare Finvest is awaiting the removal of the corrective action plan (CAP) imposed by the Reserve Bank of India in January 2018.
• Yes Bank: The private sector bank has reported an impressive 349 percent year-on-year surge in net profit, reaching Rs 231 crore for the October-December period of FY24. The board has approved the business transfer agreement, facilitating the transfer of investment banking and merchant banking operations from Yes Securities (India) to Yes Bank, with the effective date set as January 1, 2024.
• One 97 Communications: Marshall Wace Investment Strategies (Eureka Fund), a hedge fund owned by London-based Marshall Wace LLP, has acquired 40,89,360 equity shares of the Paytm operator at an average price of Rs 753.75 per share, totaling Rs 308.2 crore. Simultaneously, foreign portfolio investor BNP Paribas Arbitrage has purchased 42,11,613 equity shares in Paytm at an identical price, resulting in a total investment of Rs 317.45 crore.
• Indian Energy Exchange: The energy exchange has achieved a robust 18.9 percent year-on-year expansion in consolidated net profit, reaching Rs 91.8 crore for the October–December period of FY24.
• PNB Housing Finance: Asia Opportunities V (Mauritius) has acquired 2,56,50,006 equity shares, representing 9.88 percent of the paid-up equity in the housing finance company, at an average price of Rs 821 per share, totaling Rs 2,106 crore. Concurrently, foreign portfolio investor Investment Opportunities V Pte Limited has divested the same number of shares in the company at an identical price, resulting in an exit from the investment.
• SJVN: The company has attained the entire designated capacity for a 100 MW solar power project through an eReverse Auction organised by Gujarat Urja Vikas Nigam (GUVNL). Securing the project on a build-own-operate basis at a rate of Rs 2.54 per unit, the company emerged as the successful bidder.